November 30, 2018 / 7:09 AM / in 15 days

BRIEF-Tenaris Reduces Production At Its AlgomaTubes Facility In Canada

Nov 30 (Reuters) - Tenaris SpA:

* SAID ON THURSDAY THAT IT IS REDUCING PRODUCTION LEVELS AT ITS SEAMLESS PIPE MANUFACTURING FACILITY IN SAULT STE. MARIE, ONTARIO, BY 25 PCT AS A RESULT OF MARKET CHALLENGES

* TENARIS’S ALGOMATUBES FACILITY WILL SUSPEND OPERATIONS FOR THREE WEEKS EFFECTIVE DEC. 15, 2018 AND OPERATIONS WILL RESUME JANUARY 7, 2019

* ANTICIPATES THE TEMPORARY LAYOFF OF C. 90 UNION EMPLOYEES AS OF DEC. 15, 2018

* TENARIS COMMUNICATED WITH EMPLOYEES AND UNION EXECUTIVES DURING A TOWN HALL TODAY

* SAID MARKET IS CHALLENGED BY THREE MAIN FACTORS: A SURGE IN ENERGY TUBULAR IMPORTS DIVERTED TO CANADA BY THIRD COUNTRIES CONSTRAINED FROM EXPORTING TO THE UNITED STATES DUE TO SECTION 232 MEASURES; A DECLINE IN ALGOMATUBES’S EXPORT SALES TO THE UNITED STATES AND, CHALLENGES IN THE NATIONAL OIL AND GAS MARKET WHERE EXPORT BOTTLENECKS ARE AFFECTING THE PRICE CANADIAN OIL AND GAS CUSTOMERS ARE RECEIVING FOR ENERGY PRODUCTION

Source text - bit.ly/2U49R9o

Further company coverage: (Gdynia Newsroom)

Nuestros Estándares:Los principios Thomson Reuters
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below